PORTLAND, Oregon, December 3, 2018 /PRNewswire/ --
Rapid developments in the real estate sector, rise in health consciousness, and changes in climatic conditions would drive the growth of the Europe residential dehumidifier market.
Allied Market Research published a report, titled, Europe Residential Dehumidifier Market by Type (Refrigerant Type Dehumidifier and Chemical Absorbent Dehumidifier) and Distribution Channel (Specialty Store, Supermarket, Online Store, and Others) - Opportunity Analysis and Industry Forecast, 2016-2023. The report provides comprehensive analysis of the top investment pockets, drivers & opportunities, key market segments, market size & estimations, and geographical scenario. According to the report, the Europe residential dehumidifier market generated $91.34 million in 2017 and is expected to reach $145.48 million by 2023, growing at a CAGR of 8.1% from 2017 to 2023.
Increased use of new technologies in the real estate industry, rise in health consciousness, and changes in climatic conditions drive the growth of the market. However, seasonal applications and high cost of such products restrain the market growth. On the other hand, rise in disposable income and improvement in standards of living would create new opportunities to the industry.
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Refrigerant type dehumidifier segment to remain dominant throughout forecast period
Refrigerant type dehumidifier segment accounted for nearly two-thirds of the total market share in 2017 and is expected to remain dominant throughout the forecast period. This segment is expected to grow at the fastest CAGR of 8.5% from 2017 to 2023. It is a lucrative segment owing to characteristics such as high durability and enormous dehumidifying capacity that can handle immense load for decades. The chemical absorbent dehumidifier segment would grow at a steady rate during the forecast period.
Specialty stores segment to accrue lion's share through 2023
Specialty stores contributed more than one-third share of the total market revenue in 2017 and is expected to retain its lead through 2023. This is attributed to the high quality products and expertise offered to buyers. However, online segment is expected to grow at the fastest CAGR of 9.7% from 2017 to 2023, owing to convenience provided by online sites in shopping experience. The report also analyzes supermarket and others segments.
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UK to maintain lead position by 2023
The residential dehumidifier market in the UK contributed nearly one-third of the European market revenue in 2017 and would maintain its dominant position throughout the forecast period. This is on account of the increase in construction activities in the real estate sector. However, Germany would register the highest CAGR of 10.7% from 2017 to 2023, owing to increase in consciousness of consumers toward health and wellness along with high demand for products to improve air quality.
Leading industry players
The leading players analyzed in the report include DeLonghi Appliances S.r.l., Chal-Tec GmbH, Ebac Ltd., PVG International, Meaco (U.K.) Limited, Trotec GmbH, and Suntec Industries China. These market players have adopted different strategies including collaborations, joint ventures, partnerships, expansions, and others to achieve a strong position in the industry.
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